Increases in the productivity of labor result partly from
A. increases in the quantity of labor.
B. improvements in technology.
C. the law of diminishing returns.
D. reductions in wage rates.
Answer: B
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The purpose of the Temporary Assistance to Needy Families program is
A) to provide rebates of Social Security taxes to low-income workers. B) to provide cash assistance and supportive services to assist the family, helping them achieve economic self-sufficiency. C) to provide a minimum income for the aged, blind, and the disabled. D) to supplement Social Security for the elderly with medical problems.
Unlike implicit costs, explicit costs:
a. reflect opportunity costs. b. include the value of the owner's time. c. are not included in the accounting statement of the firm. d. are actual cash payments. e. do not change with the output rate of the firm.